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A faltering economy and chronic regulatory roadblocks are prompting foreign investors to increasingly pull out of India. A record $7.5 billion of foreign investment was withdrawn from capital markets in June. Steelmakers ArcelorMittal and POSCO announced abandonment of projects 48 hours after India unveiled measures to attract foreign direct investment.

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Production by U.K. carmakers, including vehicles destined for export and the domestic market, increased by 10.4% last month compared with June 2012, according to the Society of Motor Manufacturers and Trading. Output for domestic consumption surged 24.4%, playing a big part in the increase.

A key element of Japanese Prime Minister Shinzo Abe's plan to revitalize the economy is the creation of special economic zones, where he hopes tax incentives and regulatory flexibility would encourage innovation and investment. The idea has a lot in common with one being tried in China. Premier Li Keqiang had to overcome internal opposition to establish a free trade zone in Shanghai.

German Finance Minister Wolfgang Schaeuble said Greece should stop talking about a second debt haircut, at least for this year. He said the possibility of further reduction of the government's debt could be revisited in 2014 "if Greece has implemented reforms and achieved a primary surplus." During a brief visit to Greece, Schaeuble described the nation's progress on reform as "impressive."

Google's share price dropped as much as 5.7% in late trading after the Internet search giant reported second-quarter results that showed that growth of its profitability is slowing because of advertisers' and consumers' migration from desktop computers to mobile devices. The $9.56 earnings per share fell short of analysts' $10.80 projection.

The Chinese Ministry of Finance ordered government agencies at all levels to accelerate spending to stimulate domestic demand and stabilize economic growth. The ministry said it wants a "relatively big" reduction in budgeted funds left unspent at the end of this fiscal year compared with last year's figure. At the end of May, the ministry had 3.23 trillion yuan sitting unused in the central bank.